The company’s current production capacity is 11million tonnes Article | May 25, 2012 – 4:39am | By Eki Toju
Dangote Cement is set to increase its production capacity from 11 million tonnes to 60 million tonnes by 2015, Aliko Dangote, the company’s chairman, disclosed during the firm’s general meeting in Lagos on Thursday.
He said the company had mapped out strategies aimed at achieving the 2015 target to satisfy the demands of its customers.
The industrialist explained that the Ibese cement plant capacity, currently at six million tonnes, would be increased to 12 million tonnes in the next 26 months.
He said an additional three million tonnes would be added to Obajana cement plant, while the Calabar plant capacity would be increased to six million tonnes.
Dangote told the shareholders that the company would seek fresh funds from the capital market at the appropriate time for the expansion of its projects.
He said the company was also constructing 3,000 tonnes per day cement plants in other African countries such as Zambia, Tanzania, Ethiopia and Congo, among others.
Dangote assured the shareholders of robust dividend, saying that additional production capacity would lead to increase in turnover and profitability.
The shareholders approved the company’s gross dividend of N34.9 billion, which translated to N1.25 per share and a bonus of one new share for every 10 shares already held.
The company posted a turnover of N235.7 billion for the financial year ended December 31, 2011, as against N202.6 billion recorded in the corresponding period of 2010.
The company’s profit after tax was N125.5 million, in contrast with 105.3 million declared in 2010.
